What you need to know on Tuesday, November 2:
The dollar was lower on Monday against most major rivals, but its upside potential remains intact. Market participants were cautiously optimistic pushing global equities higher and favoring a modest rally in government bond yields. However, several central banks will release new monetary policy decisions, including the RBA on Tuesday, the US Federal Reserve on Wednesday and the Bank of England on Thursday. All of them are expected to introduce changes in their monetary policies, amid persistent inflationary pressures.
EUR / USD is trading around 1.1600, while GBP / USD remained under pressure in the 1.33660 price zone.
The positive tone in equities helped the AUD / USD rally above the 0.7500 threshold ahead of the RBA’s monetary policy announcement. The USD / CAD pair is trading around 1.2369.
Commodities ended Monday with gains, with gold trading around $ 1,792 a troy ounce and WTI flirting at $ 84.00 a barrel.
Wall Street advanced, although the gains were modest. Treasury yields rose, although the 10-year Treasury yield was below 1.60%.
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